Market Overview
The global canned seafood market size was USD 48.94 billion in 2022. The market is set to rise from USD 51.67 billion in 2023 to USD 76.69 billion by 2030 at a CAGR of 5.80% during 2023-2030.
The market is expected to grow in the coming years, driven by rising consumer preference for clean-label products as awareness of climate change and sustainability increases. Key players are focusing on producing clean-label goods and introducing sustainable canned seafood, which will further fuel market expansion.
Fortune Business Insights presents this information in their report titled “Canned Seafood Market, 2023–2030.”
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Segments
Increasing Tuna Fish Consumption due to Its Higher Availability to Fuel Segment Growth
By species, the market is classified into tuna, salmon, sardines, mackerel, and others. The tuna segment accounts for the highest canned seafood market share. The segment growth is driven by increasing tuna fish consumption due to the species’ higher availability in more than 70 countries.
Increased Accessibility of Various Products to Foster Retail Segment Growth
The market is divided into two main distribution channels: HoReCa and retail. The retail segment is further categorized into supermarkets/hypermarkets, specialty stores, convenience stores, and online retail. Supermarkets/hypermarkets hold the largest market share due to the wide availability of various products. Meanwhile, the online retail segment is expected to experience the highest CAGR, driven by rapid technological advancements.
From the regional ground, the market is segmented into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Report Coverage
The market research report conducts a comprehensive analysis of the market, focusing on crucial aspects like competition and top product categories. It also offers valuable insights into market trends and notable industry advancements. Furthermore, the report discusses several factors that have recently driven market growth.
Source: https://www.fortunebusinessinsights.com/canned-seafood-market-103806
Drivers and Restraints
Surging Investments in Aquaculture Production Advancements to Accelerate Market Growth
Increasing consumer awareness about healthy living has boosted the demand for seafood, prompting major seafood and canned seafood producers to increase their production. However, challenges such as climate change and government-imposed fishing restrictions to prevent overfishing are making it difficult for manufacturers to catch more fish. In response, major companies are heavily investing in advanced aquaculture methods, which is expected to drive future market growth. The rapidly evolving aquaculture industry is further fueling expansion. Nevertheless, the shortage of raw materials due to overfishing is hindering market growth.
Regional Insights
Increase in per Capita Consumption to Propel Market Growth in Asia Pacific
The market in Asia Pacific was valued at USD 27.54 billion in 2022. An increase in per capita consumption in China, India, and other countries is driving market growth in the region. The growth is attributed to the seafood being considered as one of the staple foods in the countries.
The significant market growth in Europe is driven by the increased seafood consumption rate in France, Italy, Spain, the U.K., and other countries. Growing consumer preference for cooking food is driving market growth in the region.
Competitive Landscape
Key Market Players Emphasizing Product Innovations to Maintain Their Competitive Edge
Leading market participants are prioritizing sustainable development and forming collaborations to enhance production and address the demand-supply gap. For instance, in May 2019, Nippon Suisan Kaisha Ltd. announced a new value optimization manufacturing plan to boost production.
Key Industry Development
- September 2022: A Canada-based seafood manufacturing business, Ocean Brands, declared the launch of Ocean’s line of wild-caught canned seafood in the U.S. due to the increasing need for sustainable seafood in the country.
List of Key Players Profiled in the Market Report
- Nippon Suisan Kaisha, Ltd (Japan)
- LDH (La Doria) Ltd (U.K.)
- American Tuna, Inc. (U.S.)
- Universal Canning, Inc. (Philippines)
- Connors Bros. Ltd. (Brunswick Seafoods) (Canada)
- Nueva Pescanova (Spain)
- Marine Harvest ASA (Norway)
- Thai Union Frozen Products (Thailand)
- Royal Greenland (Greenland)
- StarKist Co. (U.S.)
